Burlington City Council Updates Process for Sale of Burlington Telecom
Burlington City Council and Mayor Weinberger announce process for completion of the sale of Burlington Telecom
Wednesday, September 13, 2017
Statement by Council President Jane Knodell
Over the past two weeks, the Mayor and I have been working to craft a process forward for the sale of BT. We are here today to announce the result of that work, and to lay out the key elements of a process that is transparent, that provides for public participation, and that adds an independent review of the bidders and their proposals.
Our process will be transparent: we have secured agreement from the four remaining bidders for their final Letters of Intent, and their identities, to be released publicly.
Our process will provide for public participation: the 4 final LOls will be in the public domain for almost two weeks before an initial Council vote to narrow the field from 4 to 2, scheduled for October 2.
Our process will provide for independent review of the bidders and their proposals: A local, highly respected accounting firm has been engaged by our outside legal counsel, Primmer Piper Eggleston & Cramer PC, to provide an independent business assessment of the possible buyers of BT and their LOls. In addition, the Council is working to secure financial projections from the finalists.
The key dates for Council action and for the additional due diligence are provided below and can be found also at the Burlington Telecom Advisory Board website: https://www.burlingtontelecom.com/board/
Burlington City Council's BT Sale Process Timeline
Prepared by Jane Knodell
Deadline for final Letters of Intent (LOI) from 4 remaining bidders - Council will review final LOIs in executive session.
Public release of identities of 4 remaining bidders and their final LOIs
Independent analysis of 4 remaining bidders and the LOIs released to the public
September 20 - October 2
Public comment period prior to initial City Council action
A special meeting of the Burlington City Council to be called by the Mayor. Council vote to proceed with two of the remaining bidders. Preparation of final legal documents for the two remaining bidders.
October 2 - October 16
Public comment period prior to final City Council action.
Target for City Council approval of successful bidder subject to progress toward agreement on final legal documents